Wynn Resorts, Limited, the Las Vegas-based casino resort company, reported net revenues for the third quarter of 2009 were $773.1 million, compared to $769.2 million in the third quarter of 2008. Consolidated adjusted property EBITDA increased 12.4 percent to $198.2 million for the third quarter of 2009, compared to $176.4 million in the third quarter of 2008.

On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the quarter was $34.2 million, or $0.28 per diluted share, compared to net income of $51.2 million, or $0.49 per diluted share in 2008. Adjusted net income in the third quarter of 2009 was $39.9 million, or $0.33 per diluted share (adjusted EPS) compared to an adjusted net income of $64.3 million, or $0.62 per diluted share in the third quarter of 2008. Results of operations for the periods presented are not comparable to prior periods as the three months ended September 30, 2009 includes Encore at Wynn Las Vegas, which opened on December 22, 2008. The prior year quarter includes only Wynn Las Vegas.

For the quarter ended September 30, Wynn’s Las Vegas operations generated adjusted property EBITDA of $70 million (with a 21.6 percent EBITDA margin on net revenue), flat when compared to the $70.1 million generated in the third quarter of 2008. Revenues at Wynn Las Vegas were up 10.2 percent but EBITDA was flat due to the additional costs associated with the operation of Encore. Net casino revenues in the third quarter of 2009 were $144 million, flat with the third quarter of 2008. Gross non-casino revenues for the quarter were $225 million, a 17.9 percent increase from the third quarter of 2008, driven primarily by higher hotel and food and beverage revenues resulting from Encore. Hotel revenues were up 17.7 percent to $76.9 million during the quarter, versus $65.3 million in the third quarter of 2008 due to the addition of 2,034 suites at Encore.

Las Vegas operations achieved an average daily rate (ADR) of $210 for the quarter, compared to $272 in the 2008 quarter. Occupancy was 83.9 percent, compared to 96.1 percent during the prior year period, generating revenue per available room of $176 in the 2009 period (32.6 percent below the third quarter of 2008 of $261). Food and beverage revenues increased 29.8 percent to $96.8 million in the quarter as a result of the additional 12 food and beverage outlets located in Encore. Retail revenues were $21 million in the quarter, 8.6 percent below last year’s levels and entertainment revenues increased 3.9 percent to $16.6 million from the third quarter of 2008 primarily due to the contribution from headliner performances during the quarter.

At Wynn Macau, net revenues in the third quarter were $448.5 million compared to $474.8 million in the same quarter in 2008. Wynn Macau generated adjusted property EBITDA of $128.2 million, compared to $106.3 million in the third quarter of 2008. Wynn Macau achieved an average daily rate (ADR) of $263 for the third quarter of 2009, compared to $272 in the 2008 quarter. The property’s occupancy was 89.2 percent, compared to 86.2 percent during the prior year period, generating revenue per available room (revPAR) of $235 in the 2009 period, slightly above 2008 levels of $234.

Wynn said it is continuing with construction on a further expansion of Wynn Macau that will add a fully-integrated resort hotel called Encore at Wynn Macau, with approximately 400 luxury suites and four villas, as well as additional gaming areas that will include 37 VIP table games, approximately 20 high-limit slot machines, 24 premium mass market table games and 75 premium mass market slot machines, food and beverage and retail amenities. Encore at Wynn Macau is expected to open in the first half of 2010. The current budget for Encore at Wynn Macau is approximately $650 million. As of Sept. 30, 2009, Wynn has incurred $375.6 million associated with the construction of Encore at Wynn Macau. For more information, visit www.wynnresorts.com.  
 

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